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Doctor, I have another friend....

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Oscar
Master Marine Consultant

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USA
2030 Posts

Initially Posted - 06/04/2004 : 15:56:45

First, the following could possibly be considered crossing into topics we consider bad form on the forum....please don't let it get out of hand....otherwise I will delete everything and neither confirm nor deny knowledge of having started it.....so here it goes:

Whether as a result of reckless irresponsible financial management, or as the result of a case of super bad luck (like being "phased out"), fact remains, that if you financed your boat and don't make the payments, they take it away, and don't care what happened to you.

Then they sell it. Frequently fast (read cheap). For those willing to deal with some extra crap this can mean a very good deal. So then you're sailing around with a sail number that someone on shore could emotionally consider "theirs".

Do you say: "Hey, those are the rules, tough..." or is it the nautical equivalent of crossing a picket line......

Oscar
Catalina 250WB#618 Currently FOR SALE:
http:www.woodenshoemusic.com/C250WB

Lady Kay IV, Dragonfly 25 # 54 Former C30#618-C250WB#618-C42#76

Edited by - Oscar on 06/04/2004 16:01:06

atgep
Master Marine Consultant

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1009 Posts

Response Posted - 06/04/2004 : 16:13:06

It cost money to borrow money. The overhead the banks carry to handle the deliquent accounts gets passed right on down to you and me. I say it's business. If you cannot pay for it, tough. It is not like someone is with your wife or in your house. It is a luxury and a toy. Nothing else! My 2 pennies. Tom.

Edited by - on

oldsalt
Admiral

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USA
578 Posts

Response Posted - 06/04/2004 : 16:14:22

If "they" haven't been making the payments and don't work out another payment schedule, the repo guys from the finance company come and take it away since it's no longer really "theirs".
If you buy it from the finance company AND keep up the payments it's "yours". It's really that simple until someone starts handing out free boats.

Edited by - oldsalt on 06/04/2004 16:17:22

Raskal
Navigator

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USA
162 Posts

Response Posted - 06/04/2004 : 17:55:15

If you're a liveaboard do they have to file an eviction notice and give you your 6 months?!?

Rich K.

Edited by - on

Oscar
Master Marine Consultant

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USA
2030 Posts

Response Posted - 06/04/2004 : 18:13:17

<blockquote id="quote">quote:<hr height="1" noshade id="quote">If you're a liveaboard<hr height="1" noshade id="quote"></blockquote id="quote">

If my whole world was on a boat I would not wait around in US territorial waters for the repo man......

From the repoman's web site:

We have the ability to locate, seize, transport, store, maintain and sell any size vessel. Among our services we actively perform as substitute custodian during the arrest of recreational and commercial vessels. In addition to day-to-day office staff, we have employed some of the best and most experienced skip tracers, investigators, recovery captains and sales professionals in the industry to ensure you experience the best possible service.

Oscar
Catalina 250WB#618 Currently FOR SALE:
http:www.woodenshoemusic.com/C250WB

Edited by - Oscar on 06/04/2004 18:18:16

OJ
Master Marine Consultant

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USA
4382 Posts

Response Posted - 06/04/2004 : 19:28:30

If I were your doc I'd start charging your friends

.

Technically speaking the boat remains legally theirs until all of the legal documents are filed and executed which normally occurs after repo. Even then there's a filing period where the owner could bring the payments current and/or renegotiate the loan - if they show their income status has improved - or they have filed for protection under Chapter 13 and their repayment plan has been approved by the court.
In the real world (and you're smelling blood) I'd determine the outstanding balance and work your way down from there. Banks really don't want to own real estate, cars or boats. With the current rate of bankruptcies occurring across the country I'd be tough with the bank.

Edited by - OJ on 06/04/2004 19:30:12

arlingva
Navigator

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USA
116 Posts

Response Posted - 06/04/2004 : 23:24:45

Come clean Oscar! Tell us what you found. Sounds like a great place to buy a boat and no it's not like crossing a picket line (my wife is an ALPA member.)

Bill

Edited by - on

RichardG
Admiral

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USA
990 Posts

Response Posted - 06/05/2004 : 02:16:58

I recommend that you refer to the character played by Harry Dean Stanton in the film REPO MAN in order to get more professional advice.

Edited by - on

triley
Captain

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USA
251 Posts

Response Posted - 06/08/2004 : 23:34:12

Oscar

It's got to be a Cherubini 38, right?!

Edited by - on

Oscar
Master Marine Consultant

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USA
2030 Posts

Response Posted - 06/09/2004 : 17:35:22

OK.....the ink is on the paper. I can fess up...There is still a broker floating out there (see different thread by that name). Without boring you with the gory details, I managed to get back in the game, and this morning, after inspecting said vessel (a 1989 Catalina 42, three cabin, wing keel), signed an agreement. Right now I am talking to all kinds of people about financing, insurance, hauling out, surveys, you know the drill.

The boat has been severely neglegted, but not abused. There's a lot of dirt, including some heretofore unknown life forms in the reefer, but nothing seems to be very broken. (Other than a holding tank, the contents of which are now in the bilge.

)

The main is good, the jib is shot. Running rigging is filthy. Bimini and dodger need a serious once over by the canvas people. The engine has less than 500 hours on it according to the meter, and, more importantly me looking and listening to it. The topsides are relatively dock rash free, though the rub rail has more than done it's job. There is some spider cracking in the hull, right above the rub rail. All the woodwork on deck is in one piece, but will need stripping.

The boat has never been chartered, nor lived in for extended periods of time. The cushions look like they could pass for almost new, after removal of the dog hair.

Bottom line is that with some very serious elbow grease, cleaner, varnish and wax , the boat could look like the dream we've had, and that the sweat equity will be there in the value of the boat to boot. If you must know, go to Yachtworld and look for the cheapest one, deal pending. although I did pay a litle more to get rid of the competition, still...

Now back to the moral aspects here. One guy's loss is my gain. He knew the rules, he goofed. Then again, he probably ran into a serious s&*t storm he did not ask for. I found his hull number and name on the 42 forum....The repo man says he gave it up, and they did not have to steal it.

No pictures untill after closing, and de-naming ceremony.

And oh, entertaining all reasonable offers on my 250.

Oscar
Catalina 250WB#618 Currently FOR SALE:
http:www.woodenshoemusic.com/C250WB

Edited by - Oscar on 06/09/2004 17:51:41

pwhallon
Admiral

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USA
694 Posts

Response Posted - 06/09/2004 : 17:51:38

Hi Oscar,

Once and a while I dream of being the lucky guy who finds a "deal".

How did you located these folks with connections to repo boats?

After you have closed your transaction will you "give up" your source.

PW

Edited by - on

Oscar
Master Marine Consultant

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USA
2030 Posts

Response Posted - 06/09/2004 : 17:57:44

You could call it lucky......but it was hours and hours and hours and hours and days on Yachtworld.com......then one day you log on for the umpteenth time, pop your parameters in the search engine and

holy sh*t

Then you run around the house/airport/hotels for three days like a dog chasing it's tail with a cellphone glued to your head, wheeling and dealing, bringing tears to your own eyes, playing the game of your life.

Then you get in from a trip at midnight, lay in bed staring at the ceiling untill 4am, and jump in the car, drive 250 miles to be there at 8am, with a checkbook in your hand.

As far as my source, he's got a yard full of repo'd belch fires. Doesn't mess much with sail boats. http://www.labmarineinc.com

Those are the gory details.

Oscar
Catalina 250WB#618 Currently FOR SALE:
http:www.woodenshoemusic.com/C250WB

Edited by - Oscar on 06/09/2004 18:07:03

Ben - FL
Admiral

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880 Posts

Response Posted - 06/09/2004 : 21:56:38

Sounds wonderful. Are you going to live aboard and travel the world? What does The Admiral think?

Edited by - on

Oscar
Master Marine Consultant

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USA
2030 Posts

Response Posted - 06/09/2004 : 22:34:36

The admiral is not going anywhere untill the youngest goes to college....2016.....I retire 2017....(if there is any retirement left

)

Short term-long term goal is Bermuda during a summer vacation, with lots of intermediate stuff leading up to it.

Oscar
Catalina 250WB#618 Currently FOR SALE:
http:www.woodenshoemusic.com/C250WB

Edited by - Oscar on 06/09/2004 22:35:29

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